Azimut completes acquisition of Brazilian Legan’s 50%
Azimut Holdings, has completed the purchase of 50% of Legan Administração de Recursos through its Brazilian subsidiary, AZ Brasil Holdings.
The move was announced by Azimut earlier in September.
Legan, an independent asset management company specialized in low volatility strategies, currently has R$ 522m AUM (€172m).
The transaction involves an acquisition from the founding partners (for a cash consideration of around €3.3m) and the subscription of a capital increase (for a value of around €3.4m) to finance the business plan. The agreement provides for call/put option rights and the commitment of the current management to cooperate with Azimut to grow the business in Brazil over the medium-long term.
Pietro Giuliani (pictured), chairman and CEO of Azimut Holding, commented: “Although the figures are relatively small, Legan’s AUM growth by almost 20% since last September and the acquisition of more than 300 new clients in one month,are a positive sign of the business development opportunities offered by the firm.”